Turkey seeking to raise US$1.5bn from sukuk and yen issuance

LONDON, June 24 (IFR) - The Republic of Turkey is seeking to raise US$1.5bn from the issuance of sukuk and yen-denominated bonds this year, according to a treasury official.

The sovereign, rated Baa3 by Moody’s and BBB- by Fitch, is to raise around USD400m-equivalent from the yen-denominated transaction and the rest from the sukuk.

“The merit [of the yen deal] is not going to be the principal amount, but issuing as a standalone without JBIC support,” the official said at the sidelines of a conference in London.

The sovereign is aiming to price the sukuk in the fourth quarter of the year, and the yen-denominated deal at some point in the second half of the year, according to the official. (Reporting By Michael Turner, writing by Abhinav Ramnarayan; Editing by Sudip Roy)